It is a known fact that the cost of hosting the F1 Grand Prix is not every nation’s cup of tea. The cost varies countries to country. Some countries have already well-established race circuits.
However, the new participants have to build the entire one. Same for handling tourists and International Standard hotels for drivers and stuff. One can only say that it’s not possible if governments don’t back up. So today we will take look at the hosting cost for Single Grand Prix.
Cost Of Hosting F1 Grand Prix
Cities that host a Formula One race have paid a lot of money. However, hosting a Formula One race is a matter of great honor for a country or a city. It becomes the source of tourism opportunities along with itself.
Although many countries submit bids to host a Formula One race and many bids were excepted, not every country has managed to sustain the costs involved. The biggest examples are India and South Korea.
Cost to host a F1 race
The cost of hosting a Formula One race highly depends on the duration of the contract signed. However, on average it costs around $40 million annually to host a Formula One weekend. However, new cities have to cover more expenses, for example, Saudi Arabia to host GP pays $55 million annually to host Formula One.
The high costs of hosting a Formula One race make it highly unlikely for the smaller countries to participate. Moreover, its firm believes that older racing venues like Italy, Britain, and Spain have below-average racing fees because of being they have existed for the longest time. Apart from this, there are various other expenses a host city, the country has to endure in order to hold a Formula One race.
Cost of Hosting F1 GP this season
|Country||Circuit||Hosting fee ($)||Contract ends|
|Bahrain||Sakhir||45 million||2022+ Renewal forthcoming|
|Saudi Arabia||Jeddah||55 million||2025 (May move to Qiddiya in the future)|
|Australia||Albert Park||35 million||2023|
|Italy||Imola||20 million||2025 (Contract not yet signed)|
|United States||Miami||Collaboration||2031 (The circuit still to be approved)|
|Monaco||Monte Carlo||15 million||2021 (Is on the calendar, renewal being negotiated)|
|France||Paul Ricard||22 million||2022|
|Austria||Red Bull Ring||25 million||2022+ (Option for a multi-year extension)|
|Great Britain||Silverstone||25 million||2024|
|Belgium||Spa||22 million||2022 (The new deal being negotiated)|
|Netherlands||Zandvoort||32 million||2023+ (Option for a two-year extension)|
|Russia||Sochi||50 million||2025 (Held at Igora Drive Circuit from 2023 onwards)|
|Singapore||Marina Bay||35 million||2021 (Is on the calendar, renewal being negotiated)|
|Mexico||H. Rodriguez||25 million||2022|
|United States||Austin||25 million||2021 (Is on the calendar, renewal being negotiated)|
|Abu Dhabi||Yas Marina||40 million||2030|
|China||Shanghai||50 million||2025 (Returns in 2023)|
|Qatar||Losail||55 million||2031 (From 2023 onwards)|